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Beginning in September, a new program will provide interest rate relief on home loans


<p>Everyone aspires to buy their own house. But it may be quite challenging for someone to buy their own home in a nation like India where the population is continually growing and people are compelled to live in small spaces. The biggest challenge for many people moving from rural villages to big cities is being able to afford their own home. The majority of these folks rent their homes.<img decoding=”async” class=”alignnone wp-image-155285″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-launch-of-iphone-15-how-much-will-you-receive-if-you-sell-your-iphone-14-download-2023-09-01t181529.449.jpg” alt=”theindiaprint.com launch of iphone 15 how much will you receive if you sell your iphone 14 download 2023 09 01t181529.449″ width=”1093″ height=”612″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-launch-of-iphone-15-how-much-will-you-receive-if-you-sell-your-iphone-14-download-2023-09-01t181529.449.jpg 300w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-launch-of-iphone-15-how-much-will-you-receive-if-you-sell-your-iphone-14-download-2023-09-01t181529.449-150×84.jpg 150w” sizes=”(max-width: 1093px) 100vw, 1093px” title=”Beginning in September, a new program will provide interest rate relief on home loans 9″></p>
<p>Currently, the Indian government is planning to implement a new program that would aid urban middle-class residents who rent yet have hopes of buying a house. According to reports, the new program will shortly begin in September.</p>
<p>In a news conference, Hardeep Singh Puri, the union minister for housing and urban affairs, provided an update on the program. He said that a measure that would lower interest rates on home loans for persons who want to purchase their own homes in urban areas will be announced in the month of September.</p>
<p>Earlier, during his Independence Day address at the Red Fort, Prime Minister Narendra Modi also discussed this new program. “The middle-class families dream of owning their own homes,” he remarked. In the next years, we will introduce a new program that will help families that reside in urban areas but do so in leased homes, slums, chawls, and illegal colonies. We will support them with lower interest rates and bank loans if they wish to construct their own homes, which would enable them to save thousands of rupees.</p>
<p>The Pradhan Mantri Awas Yojana (Urban) has already been implemented by the Union Housing and Urban Affairs Ministry. The program was started in 2015 with the intention of creating inexpensive homes in metropolitan India. The system has a credit-linked subsidy scheme (CLSS) as one of its four verticals. Beneficiaries of the CLSS received an interest subsidy on mortgage loans under the PMAY-U housing vertical. It is still unclear, however, if the new program that PM Modi announced is the same as CLSS under the Pradhan Mantri Awas Yojana or not.</p>
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